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GSE Unit 9 Test Revi

GSE Unit 9 Test Review

QuestionAnswer
Due to an abundance of many natural resources and a relatively small population, Australia is one of the world’s largest exporters of minerals and agricultural products. true
Few people live in this part of Australia because of its dryness (lack of rainfall and surface water): Outback (interior)
Most people in Australia live along the Eastern and Southeastern coasts because of the presence of all of the following except: fast food
The economic system of communist countries is most closely related to which of the following? command
Which of the following explanations would reflect a country with a mixed economy (i.e., between a pure market and pure command)? A combination of privately-owned industry and government control
Which term best describes an economic system in which the people—not the government—own land, factories, and businesses? market
When a country has a market economy, which of these statements correctly defines this system? Companies produce goods of their choice and consumers decide whether to buy the goods.
A market economy is very different from a command economy. Which of the following is found in a market economy? competition
Which of following best describes a market economy? A person can start any legal business and charge any price.
In which economic system are the production and distribution of goods owned by private individuals or corporations? market
In a traditional economic system people usually exchange goods or services rather than use money. Which of the following is an example of this exchange process? bartering with a seller
Which word has the same meaning as the economic term "tariff"? tax
Which trade barrier discourages trade by placing a tax on foreign goods? Tariff
As governor in Australia. you have two economic goals: * Protecting Australian surfboard manufacturers from foreign competition, * Generating more taxes for your government. What type of trade barrier would accomplish both of these goals? tariff
A country's parliament votes to increase tariffs upon goods from another country. This is an example of a representative democracy restricting trade
What is the purpose of a tariff, such as a protective tariff? to increase the prices of imported goods and protect a country's own industries from foreign competition
The Prime Minister is explaining a plan for improving the economy. He says: “My plan will give incentives to companies who provide technology education and training for their employees.” The Prime Minister’s plan is based on the conclusion that: An investment in human capital will increase the country’s gross domestic product (GDP)
The Prime Minister is explaining a plan for improving the economy. He says: “My plan will give incentives to companies who invest in new computers and wireless communications systems.” The President’s plan is based on the conclusion that: An investment in capital goods will increase the country’s gross domestic product (GDP)
In order to produce a good or a service, four factors of production are needed—natural resources , human resources , capital resources , and entrepreneurship. A popcorn stand and a popcorn popper are examples of which factor of production? capital resources
The Prime Minister is explaining a plan for improving the economy. He says: “ My plan will focus on using sources of energy we already have in Australia— oil &natural gas, wind & solar.” The Prime Minister’s plan is based on the conclusion that: The development and use of domestic natural resources will help the Australian economy.
The Prime Minister is explaining a plan for improving the economy. He says: “ My plan will give tax breaks and incentives to Australians who want to start their own small business...” The Prime Minister’s plan is based on the conclusion that: Promoting entrepreneurship will improve economic development
Locate the following on a map of Australia: The Great Barrier Reef, Coral Sea, Ayers Rock (Uluru), Tasmania, Indian Ocean, Pacific Ocean, Tropic of Capricorn, Darling river, Murray River, and the Great Victoria Desert.
Constructed Response-Directions: Choose one of the following questions to copy and answer. Be sure to give a complete answer with examples and details from the unit. Be sure to write in complete sentences. How do the factors of location, climate, access to water, and natural resources affect trade and where Australians choose to live and work?
Why do most Australians live near coastal areas? Most of Australia is covered with desert; the coast has more fresh water and a more temperate climate.
Australia’s nearby location and rich natural resources make it a valuable trading partner for which country? China
When Australia refused to sell weapons to Yugoslavia, it hoped to help stop the fighting there. This is an example of which trade barrier? embargo
Which is an example of investment in human capital? education of workers
Which of the following is a major natural resource exported from Australia? minerals
Created by: kiragodwin
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